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HomeMy WebLinkAbout2339.~ 1 rn.lrr', ~~nttrn agrcrnt~n~ ~•r .~ppli:.~blr 1.~~~. li~~rru~~rr ch:~ll p:i) ~hr :~m~+unt ~~( :dl mur~gair in,ur.~n.c prrmium. in Ih~ tn.~nn~r pr.~v~di~l und~r ~~ar.~~r:~ph ? hcrcul. :~m• amuunh ~li.hur~~~l M• 1~ml« pu~want t.~ ~hi. ~:~r.ig~:~~h 7. ~~i~h iol~rr.t Ih~rr„n. ~h:Jl t-rc~•mr additi~~nal in~lrh~~.lnr,. ~~f Ii~~rru~-~•r ~r~urcd h~ thi. ~t~,rlc.~gc l'nlr.. R~~rn~~~rr anJ I rn~l~r .~ircr t~~ rthrr Irrm. „1 pa~•mrnt. wrh am.~nnh.h:Jl tk {~a~ahlr u~~~n mai:r fr~~m I~n~lr~ ~r R~~rr~~~.rr r~yur.~ine ~~.~~mrnt th~rr~~f. an~l .h.~ll I.iar in~rrr.t (r~,m thr ~iatr ~~f ~ii.h~u.~mrnt al Ihc rah ra~:~hlr Ir~~m ~imc ti• ~im~ un ~.ut~t:mdine prin~ip:~l ~mdcr thr \~~t~ unlc~. pa)'ment of int~rr.~ at ~u~h ratr ~~~,ul~i F,~ r~,ntr:~r~• t~~ :~{y,l~~abl~ I:~~~. in ~~h~ch ~~•~nt w~h am~~um~ ~hall Fuar im~rc~l a1 Ihc highc~t ratc ~rmicciMr urnlrr a~~pli~abh la~~. !~~~thin~ a•maine~l in Ihic ~-ara~raph 7 rhal) reyuir~ 1 rndcr to incur am• c~pcn~c o~ takc .~ny a~tion h~rcundcr. 8. Incpcclion. 1 rndcr mav ma1.r ~•r rau.~ t~ h~: madc r~a,nnablc cmric. up~,n :~nd inti~xcti~~n. ~~f thr Pro~xrh•. prrn•idc~l that I cndcr ~hall ~!i~~ R~~rnn~~r n~.h~r priur to am• w~h i~»~xcti~.n .~xcif~•in~ rcac~~nablc ~au~~ thrr.l~~r rrlalcd t~~ 1 cndcr'c intrre~t in Ih~ Pro~xrl~~. • 9. Condemnalion. Th~ pnkrcd~ ~,f an~• a~.ard c~r claim f~~r damagr.. ~fircct or r~~n.eyucnli:d. in ronnccli~n ~~~ith am• rondcmnatii,n ~v ~~thcr t:~kin~ ~~f thc Pru~xrt~•..,r part therr~,f. ~~r f~.r u•m•~~•ancc in licu i~f condcmn:~tiun. arr h~mM• a«i~ncd .~n.l .hall t.~ paid tr Lcndcr. ln Ih~ ~~•~nt i~f .~ Iatal I:~I~ine of thr Pro~xrt)'. thr pr~•rccdc ~hall tx applic~l t~~ Ihc ~um~ ~«~tr~d h~• thi~ \1~~rtg:~~~. ~~ith Ihe r~~ecc. if ant•, p:~id t~. Bormwer. In the event ~~f ~ partial tal.ine af thr Pre-per1~'. nnl~.c B~rr~n~~r and 1.endir. ~tlFllfN'IK acr~c in w~ritin~. thrr~ .hall h~ applic~l t~- ~h~ ~um~ ,rrurr.l M~ thi. \1~.r~~:r~c .uch ~,mp~~rti~m ~~f th~ ~•rckccd. ac i. cyu.~l tc. that pr~~~~rtirn ~~hich ih~ amuutu ~.f ~hc wm. .r;urcd h~ thi. ~I~~rlcacc immrdi:~trh {,ri~~r t„ th~ datc of taking h~:trti to the fair mar{.et ~~ah~r uf the PruExrty irnmcdi:~trh• priar tc~ th~ d:UC ~f t:~kin~. ~~i~h thc helanc~ af thc prtkce~lc p:~id 1~~ Bormwcr. 1f thc Pmpcrt~• ie ;~hand~ncil h~• Bi~rmwrr. ~~r if. ahrr ni~tirr h~• 1 rnd~r t~~ B~~rr~~~vcr that thc c~ndcmn~:r ~~fTcrc to make an :~w~a~d rr ~cUlr a rl:~im f~r dam:l_L•~~. R~~~f~~N'~~ f:iil. t~~ rr~~x+n~l tu 1 rnd~r ~~ilhin i(1 ~Ir~~~ :~Itcr Ihr d:~tc ~uih n~•tirr i~ maelcJ. I.cnd~r i~ authori~~d ~o rollrrt and ap~h• ~hc pr~•c«d~. at 1 cndrr'. ~~ption. cithcr t~ rcctoratii,n .•r rcp:+ir of ihc ProF.•n~ ~,r t~~ ~hc .um~ ,ccurcd h~ ~hi~ \t~•rtgagc. l'nl~:. 1 cn~kr and Born,~~cr othcnci.c agrer in nritin~•. :m~• ~u~h a~rr,:iti~,n ~f prc-ce~dc t~• prin.i~:~l tih:dl nc~t c~tcnd ar ~x.ti~Ex,nc thc dur datc ~•f Ih~ momhl~ inc~:Jlmcnl. r~fcrrrd to ~ii ~r~r~ph~,+~ end 2 hcrcof ~~r ch:inee thc amount ~f wrh imtallment~. _ ,... 10. [brrower Nol Rele~sed. E~ICnsion ~~f thc Iimr f.~~rj' ~~•m,~r ~~~ i~ifi~~lis-n nf ~1ril~•rtiiati~m ~•f the wm~ ~e~ured h~• thi~ ~t~~rtt~a~c grantr~l h}• 1 rn.icr ~~~ am• ~uccc.wr in i~1~it'![ (R'IS~.rYlnwrr tiha:l n~~t ~~~rati U• rclrasr. in an)• manncr. thr liah:lit~ ~~f thr i•rieinal Borm~~rr and B~~rmwrr'~ tiu:cru~~r. in intrrest. Lcn~lcr ~hall n~~ Fx: rcyuirr~l t~~ a~mmencc pr~,r~c.linz~ again~t ~uch sucrr~c~-r ~~r refu.c t~. c~~~n~1 timc f~•r pa~•mrnt ~~r ~~thcn~ik m~Klif~~ am~~rtiiali.~n ~~f thr sums .c. urrd h~ Ihi~ !1lortgagc h~~ ma,~~n of anc dcmand madr M thr ~,ricinal B~~rnnrcr anJ Rnrn+~~•rr'c ~uccr.~~~r. in intcrcct. I1. Forbearance b}~ Lender ~ot a~~'aiver. Am f~~rtkar;inrr ~+~ 1 rnder in c~ercicine :~nc righl a•r rrmrd~• hrreunilrr. ~r ~~thrrHi,r :~fT~~rdcd hc applirahlr L~w•. ~h:~ll nnt tx a a:ii~cr i,l ~~r precludc thc ~~crcicc ~•( :~m~ .uch rieht ~,r rcmed~•. "~hr pr~xurcmcnt of incuranr~ ur thc rarmrnl c.( ta~~~ ~~r ~~thcr lirn. ~~r rhargrs h~ I.~ndcr .hall nc~t M: :i ~~ai~~~r ~~f I cn~lcr'~ ri~hl I~~ ar~rlrr:~tc th~ maturit~• ~•f thr inJchtrdnr.. ~r_ura•d h~~ thi. \1i~rteae~. 12. Remediec ('umulati~•e. All remc~lic. {~r~~~idrd in thi, \torteace arc di.~inct :~nJ cumulati~•r t~• :~nc ~~thrr riLht ~,r rrmr~l~~ undrr thi. \1~~rtg:~t~ ur atT~•rdrd hc la~~ ~~r ryuit~. .+nd ma~ hr ~~crci.~.l c~mcurr~nth~. intlc~xndcntl~ ~~r ~n::r.~i~•~h~. 13. SuccMCOR and At~ikoc Buund: Joinl and Se~e~al I.iabilih: ('aptionti. Thr ru~•rnant. and aer~rmrnt. hrrein r.,nlainr~t .h:~ll hin~l. :md thr ri~,hl. hcrcundcr ~h:~ll ini~r~ t~~. th~ rc~{n:~i~r ~ucre.u,r~ and a~~ignc .~f I.cn.lrr :~nJ R~~rr~~wcr. .ubject t~- thr pr~~~•i~ium ~,f paragr.~ph 17 hcr~i.l. :\II ~uc~n:~nt. :~nJ :~irrrmcm. ~~f B~rn.~ccr ~h:~ll Fk i~,int :~nd ~c~cral. ~Thc r.~pti..n. :~n.l hcadinL. uf thc paragr:~ph~ ~~f thiti ~t~•n~.~cr are f~,r cun~•~nicnr~ ~~nl~• :~n~l :~rc n„t t„ F-~ n~cd to interprrt ~,r define Ihr pm~ i~i~~m hcreof. 14. \Mire. E~rep~ fi,r rm~ netirc rry~iirrd unilcr :ipplir.~hlr I:~~~ t~~ F+r givcn in am,thrr manner_ (:i) am• noticc t~ litatn~w~r pr~~~id~d f~~r in thi~ \1i~rtga~c shall Fx gi~~rn h~ m.~ilint .uch nuti~c h) crrtifictt mail :~ddrc.+rd tu Borr~~:~cr at th~ Pr~~~xm• :\~Wre.. ~~r :~t ~i~ch ulher addnr.c a~ R~•rr~~~~~r m:i~ dr.~en.u. ht rn~ti~r t„ 1~ndrr a~ ~r~.~•i~ird h~rrin. antt Ih) am noticc li~ I cn~l~r .h:~ll hr eivcn h~ ccrtifir~l nt.~it. rcturn rrrri{~t rryur~tc.f. t~~ I rn~ler'. :-d~lr~~~ ctatrd hcr~in ~r to .uch ~,thrr addrrti~ :i, L~ndr~ ma~ J~tiicnate M ni•titc t~~ B~~rr.~~~~r :-~ nn,~ulc~t hrrcin. ~1m~ n~~tirr pr.n•idr.l f~~r in thic V~~rt~:ikr ~hall F..~ Jr~mrd t~~ ha~c hcen gi~•~n to Fic,rr~n~rr ~~r 1~ndrr ~.h~n !_i~~n in th~ manncr Jc+:~n:~lcd hrnin. I5. l'nifonn \tortKakc: Go~•ernine i.aN: Se~crabilil~~. ~fh~. t,~rm ~,f mnrt_~:~LC <<~mhin~s e~nifc~rm .~,~~en:~nt, f~~r natii,n:-1 UCl afl/~ fl~~l1'UI11fUfR1 Ct~~l'f1:1111• .~ith limitr~~ C:If1:lUlin~ ti\ ~IIf1~~~1~T1.~f1 (~~ 1~~I1~11tftIC .1 t1111~0lfll ~CIUf1~C 11111fUf11C11[ l'll~'CfIDQ r~al pn.~xrt~. ~fhi. ~lurtz.~-~ tih:ill Ix L~~~•rrnrJ h~ thr 1.~~+ ~,f thr i~iri.~liiti~~n ~n Nhirh Ihr Pr~~Mr1~- ~. I~k:i~rd. in thc c~~rnt that :~nc ~rm~itii~~n ~~r rl.u~~r ~~f thi. ~MrIg:~L~ ~~r ~hr ~ut~ :~~~i11i:t. ~~ith .~~+plir:-hl~ la~. s~irh a•nflict ,h:tll n~~t afic~t ~~th~r ri~•~i.i~~m .~f thi~ ~t~~rl~•a~r ur th~ \~~Ir ~~hi~h ~:~n f•r !•~~~n rt~r.t ~.ith~•ut thr r„nlliclim~ ~r~~~i~iun. :md t~ this rn~1 thr ~~r.~~ i.i~~m ~,f !hr ~Ic~rtzagr :~n~t thr \,~R .~rr ~!r~L~rrd t~~ hc .r~~crahl~. 16. Borrower's ('opy. B~~rr~+~~rr ~h.+ll h~ fnrni.h~~l .~ i~~nf.~nnrd i~q,~ ~~t thr \~~t~ :md ~•f Ihi~ ~1~~r[ta~~ ;~l thc timc ~~f c~~iuti~~n i~r :~f~rr rr~.~rda~i~~n hrrc~,f. 17. Trantifer of the Property: :~~~umption. If :~11 ~~r ;~n~ {..~n ~•t the Pn~~xrt~• ~•~ :~n interest Ihrrein ic ~r1J ~~r trancferred M Rorn,wrr .~ith~~ut I~_ndcr'~ pri~~r ~~ri~-rn ~~u~.rnt. r<<lu~lin~ ~.~i thr rrcati~~n ~~f a lirn ~~r rncnmhran~c ~uhordin:~tc to thi. \1~~rts:aLC_ Ih1 thc ~rcati~,n „f a purcha.r m:•n~~ .c:ilrit~ ~nhr~,t f~~r h~•u.rh~,l~l :,~~~~:~nc~~. 1~1 a trantifcr M• Jevisc. dc~c~nt ~~r h~ .,~r:~tion ~~1 1:~~~ ~~~~~n thr Jr:~~h ~~t .~ i~~~nt tr!~:~n~ ,~r ~.t~ thc Lr:~nt ~•f .~nt Iretich~•ld interest ~~f Ihrec ~~arc i~r lc« nc~t containinz :in i~pti~~n t~+ ,~~rrhacr. 1 rn~lrr in.n. .~t I rndrr'. .~~~ti~~~~. ilr.larr :~II :h< <um, Kcurrd hc this ~t~~rteagc it- bc ~mm~.iiatrl~~ dnr and pa}~aMr. ! rndrr .h:~ll ha~r ~,.n.rd .~~:h ~~~ti~,n n~ c~rr~ler.rtr i(. ~+ric~r t.~ Ihi ~ale ~,r transfer. Lender .m.l thc ~xrtiun ti~ ~ifi~~m thr Pr~~r~rt~ i~ t~~ f.c ,r61 ~~r tr,~n.frrrr~l rc:i:h .i~~rrrmrnt in uritinc th:tt thc ir~~iit ~~f ~uch pcrsc.n i. r~ti~facton m! rn.lcr and that thr iMcrr.t ~a~.+hle ~~n the .um..r:ured hc thi. ~ti~rt~age ~hall he at surh rate a~ I.ender tih:~ll rey«c~t. If 1 cn~lcr h:i~ waicr~ thr ~~(+tiun t~~ a.c~lrr.~tr ~r~•~~i~kJ in thi~ para_~raph 17. and if B~~rrc~wrr~ti wcccssor in intere~t ha. ~~e~utr~l a~sriltrn astiom~ti~~n agrccntrm arrr~•trd in ~~ritiii~ h~ ( en~ler. Lrn.ler tihall relca~e Bc,rr~~HCr from all ~~hlieatu~m uniicr thiti \1~rteac~ and ih~ \'~~te If I~ndrr c~rrci~r~ ,uch a~-ti~~n t~~ ar.rl~r.~~r. I~n~l~r .h.~ll~ m:~il ~3c,rm~~rr natirc ~f :~ccclcrati~,n in ar.~•rdancc uith para~r.~ph I~l hcr~of. Su~h nutic~ .hall ~ruviJr a~n~~.l ~~I n~~~ Ic~~ than ?(1 Ja~•~ fmm thc datc the noticc i~ mailcd w~ithin ~~hi~h B~•rr.•HCr ma~ p:i~ the tium~ de~l.+re.l dur It Ii~~rn~~~rr f:~il. tu ~.ac tiu.•h ,nm~ prior t~~ the e~piratii•n c~f ~urh peri~•d. 1_cndrr m:~~•. with~~ut fiirthcr nc~ticr i•r ~icmand ~+n li~~rrrc~~r. im~~l.r ;sm rrmcdics ~-crmiltcci h~• ~-aragraph 14 hcrcof. ~o~-l:~itoK~1 Co~~F~.~~Tti. B~rrowcr and I cndcr funhcr c~~~~cnant and agrec as follows: 18. Accelerafion; Remedies. Fzcept as provided in para~raph 17 hereof. upon Borrower's breach of any co~enant or aRreement of Borrow~er in this ~torlRaRe. includin~ thc rn~enants to pa~ ~hen due am~ sums secured by this :Vlortga~e. I.ender prior to acceleration shall mail notice to Bnrrower ac pro~ided in para~;raph 14 hereof specifying: (1) the breach; (2) the action required to curc such breach; (3) a date. not less than 30 da~~s frr~m the date the notice is mailed to Borrower, by which such breach must be cured: and (4) that failure to cure such breach on or before the d~le speci6ed in the notice may resnlt in acceleration of the sums secured by~ this ~tortRa~e, foreclosure b~• judicial proceedin~ and sale of the Pmperty. 7Le notice shall furlher inform Borro~+er of the ri~ht to reinstate after acceleration and the riRht fo acsert in the forec{osurc proceeding the non•existence of a default or anr other defence of Rorrow•er to ~cceleration and foreclosurc. /f tMe breach is not enrcd on or before Ihe date speci6ed in the notice, I.ender ~t t.ender's option may declare all of the sums secured by this Mortgage to be immediately due and payable w•ithouf turiher demand and ma~• foreclose this ~tortRaRe by~ judicial proceedinR. [,ender shall be entitled to colleci in such proceedin~ all expenses of toreclosure, includin~. but not limiled fo. rcasonable attorney's fees. and cosfs of documentary e~idence~ abstracls and litle rcports. 19. Borro~er's Right to Reinstate. `.~~twithstanding I.enJer'~ acceleration of the sums secured by this Mortgage. Horrower shall have the right to ha~•e am proceeJingc Fkgun by Lender to enforce this ~lortgage discontinued at any time s BG~~~ PlIGGE~r~t~ ~ - -. .. _ . _ _ _ -- -~ , ~~ ~ ..~- .~~~